Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Period Ended October 31, 2003

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2003

Assets

			As of				As of										
			Oct. 31, 2003				Oct. 31, 2002				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		625.56	$		885.49	$		(259.93)			(29)	
	CASH IN BANK-SAVINGS			6,037.55			4,300.85			1,736.70			40	
	ACCOUNTS RECEIVABLE-DUES			(160.00)			320.00			(480.00)			(150)	
	PREPAID INSURANCE			0.00			2,238.33			(2,238.33)			(100)	

	Total Current Assets	$		6,503.11	$		7,744.67	$		(1,241.56)			(16)	

	Total Assets	$		6,503.11	$		7,744.67	$		(1,241.56)			(16)	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2003

Liabilities and Equity

			As of				As of										
			Oct. 31, 2003				Oct. 31, 2002				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			6,893.00			4,223.00			2,670.00			63	

	Total Current Liabilities	$		7,553.00	$		4,883.00	$		2,670.00			55	

	Equity
	RETAINED EARNINGS			2,030.32			3,662.81			(1,632.49)			(45)	
	Current Income (Loss)			(3,080.21)			(801.14)			(2,279.07)			284	

	Total Equity			(1,049.89)			2,861.67			(3,911.56)			(137)	

	Total Liabilities & Equi	$		6,503.11	$		7,744.67	$		(1,241.56)			(16)	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Period Ended October 31, 2003

			1 Month Ended				Prior Year												10 Months Ended				Prior Year										
			Oct. 31, 2003				Period				Variance				Pct				Oct. 31, 2003				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,430.00	$		1,430.00	$		0.00			0	$		14,300.00	$		14,300.00	$		0.00			0	
	INCOME-RESERVE			330.00			330.00			0.00			0			3,300.00			3,300.00			0.00			0	
	INCOME-WORK DA			0.00			0.00			0.00			0			160.00			160.00			0.00			0	
	INCOME-LATE FEES			16.00			0.00			16.00			0			32.00			80.00			(48.00)			(60)	
	INCOME-INTEREST			5.85			9.22			(3.37)			(37)			55.76			62.61			(6.85)			(11)	

	Total Revenue			1,781.85			1,769.22			12.63			1			17,847.76			17,902.61			(54.85)			(0)	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			1,000.00			1,000.00			0.00			0	
	CABLE TV			286.59			269.53			17.06			6			2,834.04			2,667.11			166.93			6	
	INSURANCE			3,612.00			3,227.00			385.00			12			3,612.00			3,227.00			385.00			12	
	LICENSES			0.00			0.00			0.00			0			45.00			0.00			45.00			0	
	OFFICE EXPENSES			0.00			11.00			(11.00)		(100	)			0.00			17.00			(17.00)			(100)	
	REPAIRS & MAINTE			0.00			0.00			0.00			0			1,523.98			427.26			1,096.72			257	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			3,600.00			3,600.00			0.00			0	
	SNOWPLOWING			0.00			0.00			0.00			0			1,100.00			660.00			440.00			67	
	TRASH REMOVAL			160.60			146.00			14.60			10			1,606.00			1,460.00			146.00			10	
	WATER & SEWER			1,260.00			1,262.50			(2.50)			(0)			5,052.50			5,041.25			11.25			0	
	UTILITIES			43.19			39.84			3.35			8			554.45			604.13			(49.68)			(8)	

	Total Expenses			5,822.38			5,415.87			406.51			8			20,927.97			18,703.75			2,224.22			12	

	Net Income (L	$		(4,040.53)	$		(3,646.65)	$		(393.88)			11	$		(3,080.21)	$		(801.14)	$		(2,279.07)			284